Serbian Ministry of Finance and the AmCham Roundtable

Cooperation between responsible institutions and representatives od the economy toward transparency in adopting and implementing existing tax regulations

Representatives of the Serbian Ministry of Finance and the AmCham Roundtable

The first in a series of roundtables organised by the American Chamber of Commerce in Serbia – AmCham, within the framework of its Committee for Taxation and Finance, included exchanges of opinion between representatives of the Finance Ministry’s Group for value-added tax and AmCham members on the theme of the implementation of the Law on Value Added Tax (VAT Act), with the aim of generally improving the implementation of regulations in this domain.

This gathering provided an ideal opportunity for constructive dialogue between the economic and public sectors regarding the application of this Law and its interpretation, but also the first step in expressing the suggestions of AmCham members regarding the announced draft of the unified Ordinance for the Implementation of the Law on VAT, which is earmarked for adoption by year’s end. This bylaw will encompass all existing regulations, as well as additionally including borderline cases that previously required additional clarification by way of a binding opinion of the Ministry of Finance.

“We are encouraged by the announcement that the draft of this important bylaw will be published, which will allow taxpayers to involve themselves on time and contribute with their suggestions for removing any possible ambiguities arising from its implementation. We believe that the involvement of the business sector in the process of amending such important regulations, as well as transparency in planning and effective drafting of amendments to tax regulations, are essential to improving the overall business environment. We, therefore, welcome the invitation of the Ministry of Finance to contribute with or proposals to the development of unified Ordinance,” said Tanja Unguran, President of the AmCham Committee for Taxation and Finance.

Representatives of the Ministry of Finance also used this occasion to announce the adoption of four ordinances, three of which will regulate some of the most important issues arising from Article 12 of the Law on Value Added Tax, and which relate to determining the place services are exchanged, representing harmonisation with EU regulations.